Value Added Tax 2014

Zero rated

0%

Export sales (to countries outside of EU as from 01/05/2004) ship management services. Intra community supplies to EU V.A.T. registered persons.

Reduced rate

5%

Books, newspapers, non-bottled water, supply of food, hotel accommodation, rural and tourist buses, supply of medicines, hairdressing, renovation and repairs

Reduced rate
(From 13/01/2014)

8%
9%

Tourist, excursions, interurban bus services, transport of passengers by taxi, supply of food, sea transport.

Standard rate
(From 01/03/2012) (From 14/01/2013) (From 13/01/2014)

17%
18%
19%

Provision of goods and services in Cyprus; importation of goods, into Cyprus from third countries (i.e. outside EU)

Registration threshold (taxable supplies in Cyprus)

€15.600

Registration threshold for distance sales (sale of goods to persons not subject to VAT registration in Cyprus, by suppliers resident in another EU Member State)

€35.000

Registration threshold for acquisition of goods in Cyprus from suppliers resident in another EU Member States

€10.251,61

Registration threshold for intra-community supply of services

No Threshold

Registration threshold for receipt of services from abroad for which the recipient must account for VAT under the reverse charge provisions

€15.600

Penalty for late submission of VAT return

€51 for each return

Penalty for omission to keep books and records for a period of 6 years

€341

Penalty for late submission of VIES return

€50 for each return

Penalty for late submission of corrective VIES return

€15 for each return

Omission to submit the VIES return constitutes a criminal offence with a maximum penalty of

€850

Penalty for late registration with the VAT authorities

€85 per month of delay